HOVNANIAN ENTERPRISES SHARES SURGE
Associated Press
August 06, 2008: 01:17 PM EST
NEW YORK (Associated Press) – Shares of Hovnanian Enterprises
Inc. surged Wednesday afternoon, to lead a general rally in
homebuilding stocks.
The Red Bank, N.J.-based builder’s shares rose 39 cents, or 5.6
percent, to $7.32 in afternoon trading. Hovnanian shares have traded
between $4.25 and $17 during the past year.
Hovnanian, like many other homebuilders, has been incurring losses
due to the housing market downturn. The company in June posted
a second-quarter loss of $340.7 million _ its seventh straight
quarterly loss.